Cheapest SaaS company in the Nordics

We lift '25e-'26e EBIT by 20-24%. Less competition + less legacy dilution = growth to accelerate. BUY: 8-13% '24e-'26e FCF yields vs. peers at 2-6%.

13% adj. EBITDA beat

Continues to grab market share in cvi

Pexip Holding - Still need to see a return to growth

Targets NOK 100-150m in EBITDA for 2023 Cost cuts not enough to take Pexip to good profitability Still a HOLD: Awaiting return to growth

Pexip Holding - Guides for 2023 EBITDA of NOK 100-150m

ARR declined 5% q-o-q and was 3% below cons Adj. EBITDA in-line with cons, costs 9% lower Guides for NOK 100-150m in ‘23 EBITDA vs. cons 127m

Pexip Holding - Additional cost cuts may be needed

Soft Q3 expected: ARR -3% q-o-q, EBITDA of NOK -77m Uncertain outlook for CS: ’23-‘24e ARR down 15-20% HOLD: Wait for more cost cuts or a return to growth

Pexip Holding - New Teams/Cisco partnership negative for CS

Option to run Teams natively on new Cisco devices Limited ST impact, but lower CVI demand long-term HOLD: Growth needed to reach positive cash flow

Pexip Holding - NOK 300m in cost cuts, but it is not enough

Announced ~NOK 300m in cost savings …but without a return to growth, it is not enough Still a HOLD with new TP of NOK 13 (18)

Pexip Holding - Takes action by cutting costs

Guides for soft Q2 and sees lower growth in CS … but will cut costs to reach positive EBITDA in ‘23 HOLD: Awaiting return to profitable growth

Pexip Holding - Time to reset expectations

Growth acceleration has not yet materialised We think the company will have to cut costs Down to HOLD

Pexip Holding - Soft ARR growth expected in Q1

We expect a soft Q1 with USD 2.3m in ARR growth A soft Q1 is likely expected by now … but still likely to be negative for short-term sentiment

Pexip Holding - EBITDA beat and better ’22 EBITDA guidance

NOK 34m EBITDA beat, lift ’22 EBITDA margin guidance Guiding for soft ARR growth to continue into Q1 Cons to lift ’22e EBITDA due to better guidance

Pexip Holding - Hires new CEO

Pexip hires Trond K. Johannessen as new CEO Seems to have a solid CV Experience from growing tech companies internationally

Pexip Holding - Soft ARR growth in Q4

USD 5.7m organic ARR growth in Q4, 12% below cons Better churn and net retention, but new sales was weak Expect negative share price reaction

Pexip Holding - CMD: Likely lower churn in 2022

CMD: Core segments with ~70% growth y-o-y Non-core is declining, but is now only 14% of ARR Cautious on Q4 trading update, but good case from 2022

Pexip Holding - ARR growth to improve in H1’22

Underlying EBITDA beat of NOK 24m in Q3 Q4 ARR growth may disappoint, but better from H1’22 Case for 2022: improved profitability = revaluation

Pexip Holding - Higher ARR growth in Q3

Q3 ARR growth +29% vs. Q2, but 8% below consensus Cons to lower ’21-‘23e ARR by 1-2% … but a positive data point in our view

Pexip Holding - Higher ARR growth in Q3

Higher ARR growth and net retention in Q3 Change in communication to improve market’s perception Trading below Nordic SaaS peers despite higher growth

Sector Fast Comment - Norwegian SaaS Q2’21: Investing for growth

Pexip and HOC had highest organic ARR growth in Q2 Best margin: SmartCraft, best net retention: EcoOnline EV/sales point to most upside in Meltwater and Mercell